Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it. Most programs pick one method. We shop across 200+ lenders to find who allows combined documentation.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional financing. Rates vary by borrower profile and market conditions.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24. The longer the history, the stronger your file.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least 620 to 640. Stronger scores get better pricing on both programs.

Question 5

Can I buy in Bishop with a non-QM loan?

Accepted Answer

Yes. Non-QM loans work for purchases and refinances in Bishop. Property type and loan size affect which lenders will participate.

Question 6

Which loan closes faster — 1099 or bank statement?

Accepted Answer

1099 loans can move quicker since there are fewer documents to review. Bank statement loans take longer due to deposit analysis.

1099 Loans vs Bank Statement Loans in Bishop, CA